Mortgages
Moving home
If you already own a home with a mortgage secured on it, many lenders will allow you to transfer your mortgage to a new home.
Moving home – What happens to your mortgage?
If you already own a home with a mortgage secured on it, many lenders will allow you to transfer your mortgage to a new home, this is known as ‘porting’ your mortgage. You still have an application process to follow in this scenario, so be prepared for credit, income and property checks but essentially you can retain your existing terms should you choose too.
If you need to borrow more to buy a more expensive property this is achievable, you just take the extra borrowing required on a new product, from the product range available at the point of application.
Alternatively, if there are no or low early repayment charges to exit your current mortgage, you may consider a new mortgage to go with your new home, tailored to the new requirements.
Frequently Asked Questions
What happens if I do not intend to move immediately?
The majority of house moves involve a simultaneous sale and purchase transaction, such that you sell your existing property and buy the new one on the same day.
Some house moves are non-simultaneous, before you commit to this and if you intend to ‘port’ your mortgage as mentioned above, you need to check what the ‘porting’ rules are for your current mortgage lender to ensure that a non-simultaneous house move does not breach mortgage ‘porting’ rules.
Your home may be repossessed if you do not keep up repayments on your mortgage
Genius Mortgage Advice
Why choose us?
We take the time to understand your requirements, find a way forward whatever the circumstances, and then stay the course until your mortgage is offered, and the transaction has completed.
We want to develop relationships with borrowers that last as long as your mortgage term, and are as wide as to include family and friends.